Nearly 90 jobs saved as administrators sell online retailer
Online retailer Xbite has been sold after it slipped into administration last week.
Chesterfield-based XB traded through websites including 365Games, Roov, Maison and White, Pukkr and Shop4World, and like many online businesses saw its turnover increase during the Covid-19 pandemic.
The company employed 87 people and turned over £51.7m in FY21, but mounting cashflow pressures and supply chain issues associated with importing from China saw it run into trouble.
XB’s directors explored options for additional investment, including a potential sale of the business, but James Lumb and Howard Smith from Interpath Advisory were appointed Joint Administrators on 15 July after it became apparent that a solvent sale was unachievable.
The administrators have now completed the sale of the business and certain assets to an unconnected purchaser, with all employees keeping their jobs.
The company in administration has been renamed to XB Realisations enabling the new company to take on the Xbite name.
James Lumb, managing director at Interpath Advisory and joint administrator, said: “We are pleased to have concluded this sale of the business and we wish the purchaser all the very best for the future.”
